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NJ Reaches Agreement To Help Subprime Borrowers

Stock quotes in this article: CFC  

TRENTON, N.J. (AP) — New Jersey Gov. Jon Corzine says the state has entered into a multimillion-dollar consent judgment with Countrywide Financial Corp. to resolve subprime mortgage complaints.

The judgment, made public Thursday, calls for Countrywide to offer a no-fee, streamlined loan modification program and creates a $3.6 million foreclosure relief fund for New Jersey borrowers and state agencies assisting them.

The governor's office estimates 8,200 New Jersey borrowers will be helped by the agreement. ...

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